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U.S. Sanctions Gold Trader, One of Africa’s Biggest Refiners

  • Alain Goetz, Uganda’s African Gold Refinery sanctioned by U.S.
  • Goetz’s gold trading network fuels Congo conflict, U.S. says
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The U.S. Treasury Department sanctioned Belgian gold trader Alain Goetz and his African Gold Refinery Ltd., one of the continent’s biggest processors of the metal, for allegedly contributing to conflict in the Democratic Republic of Congo.

Goetz and Uganda-based AGR are key players in Congo’s illicit gold trade, which is worth hundreds of millions of dollars each year and is the largest source of revenue for armed groups in the country, the Treasury Department said Thursday in an emailed statement. Goetz, AGR and eight other linked companies will have their U.S.-based assets blocked under the sanctions, it said.